How to Set Up Budget in Quickbooks

Running a business often requires owners to carefully plan and review their finances. Most companies use some form of accounting for identifying, measuring, analyzing and reporting their financial information. Accounting software like QuickBooks may include budgeting, financial statements, forecasts and other tools for managing financial information. Budgets often allow companies to have a financial roadmap for business operations.

How to Do Budget Set Up in QuickBooks

Budgets usually represent a detailed analysis of how a company expects to spend money in future time periods. Many companies create budgets on an annual basis so they can carefully outline the expected needs of each department in the business. Using an annual budget process also limits the amount of time companies spend creating and managing capital resources. A major benefit to using a business budget is the ability to limit how much money is spent on certain operations. Budgets usually count expense accounts to ensure that capital is not wasted on unessential items or the company does not overpay for economic resources used in the business.

QuickBooks offers a budgeting tool that will allow wings to easily print reports to compare their plan to their actual expenses. The process to set up Budget in QuickBooks is very simple. Just follow few steps: Open your QuickBooks software -> go to Company -> Planning and Budgeting -> Set Up Budgets. If a budget has been previously entered, the last budget will open. To create a new one, click on “Create New Budget.” QuickBooks makes the task of creating and tracking a financial budget for your business easy. Just follow a few steps and in no time you can print useful reports that track actual financial performance and compare it to your original budget.

Steps for Budget Set up in QuickBooks:

1. From the menu bar Open your QuickBooks software -> go to Company -> Planning and Budgeting -> Set Up Budgets. 2. Select the year you want to create the budget. 3. Choose the budget type: a) Profit and Loss b) Balance Sheet. Then Click Next • No Additional Criteria—Simplest form of budgeting. • Customer Job—You can create a budget for your customers or jobs here, but a better method might be to use a QuickBooks estimate. • Class—If you are using classes (department tracking), you might want to select the Class budget report. 5. Then Click Next. 6. Choose how you want to create a budget. • Create Budget from Scratch—You will manually enter the budget amounts. This method requires the most of your effort. • Create a Budget from Previous Year’s Actual Data— The previous year budget will open allowing you to modify the budgeted amounts as needed. 7. Click Finish. QuickBooks creates the new budget. A new budget has been created using actual revenue and expenses from the prior year, as shown here: 8. Click Save. To close the newly created budget, click OK. This is the complete process of budget set up in QuickBooks.

One comment on “Set Up Budgets in QuickBooks”

This is a simple process but I am using Quickbooks for Mac 2016 and no budget data appears any reports including budget overview. The budget is there just useless for reporting. I previously used Quickbooks 2012 for pc and it all worked like a charm. The Mac version is horrible!

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